India retail to hit Rs 215 trillion by 2035; Eternal, Nykaa, Delhivery, IndiaMART flagged as enablers
A BCG-RAI report projects India's retail market growing from Rs 90-95 trillion in 2025 to Rs 210-215 trillion by 2035, spotlighting four retail-tech players. Eternal's Q3 FY26 shows quick-commerce breakeven with revenue up 201.9% YoY to Rs 16,315 crore and net profit up 102.9% to Rs 102 crore.
What happened
Zomato (Eternal) · BCG-RAI report projects India's retail market to hit Rs 215 trillion by 2035, spotlighting four retail-tech enablers—Eternal/Zomato, Nykaa,
Key facts
- Rs 210-215 trillion by 2035
- Rs 90-95 trillion in 2025
- revenue Rs 16,315 crore up 201.9% YoY
- net profit Rs 102 crore up 102.9% YoY
- 90 bps contribution margin
- 130 bps EBITDA margin
- 200+ net stores added
- share up 13.5%
Why this matters
The BCG-RAI report's spotlight on Eternal, Nykaa, Delhivery, and IndiaMART maps the four consolidating enablers to watch for partnerships, stake acquisitions, or platform integrations in a rapidly expanding market.
What to watch
- Eternal Q4 FY26 whether QC margin holds or breakeven reverses on new store drag
- Net-new dark store counts across QC players quarter over quarter
- Any FDI/gig-labor regulatory statements on quick commerce
- Discount intensity / take-rate trends signaling renewed price war
- Delhivery volume growth attribution to quick commerce vs core parcel
- Eternal accelerates dark-store additions and pushes ad/monetization to defend margin narrative
- Competitors (Zepto, Swiggy Instamart) raise or deploy capital to prevent share loss post-breakeven signal
- Delhivery and logistics peers cite QC volume tailwinds in guidance updates
- Sell-side upgrades on the four flagged enablers citing BCG TAM
- Nykaa and IndiaMART lean into the 'enabler' framing in investor communications